Treasury Secretary Janet Yellen has warned of the potential consequences for everyday Americans if the debt limit is not raised.
Posts tagged as “Janet Yellen”
Treasury Secretary Janet Yellen has warned that the United States has reached its legal borrowing capacity and must now rely on "extraordinary measures" to avoid a catastrophic default. President Joe Biden and House Republicans are at odds over how to address the situation, and it is uncertain whether the United States can sidestep a potential economic crisis. The Treasury Department is urging Congress to raise the debt limit as soon as possible to avoid a potential economic crisis.
The U.S. government is set to reach its statutory debt limit on Thursday, prompting the Treasury Department to take “extraordinary measures” to pay the bills. Treasury Secretary Janet Yellen has warned that failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, and it is now up to Congress to act in a timely manner to increase or suspend the debt limit in order to prevent default. The current debt limit showdown could define the tenure of the new GOP majority and the final two years of President Joe Biden’s term.
White House Refuses to Negotiate Over Debt Limit, Treasury Secretary Warns of Potential Consequences
White House Refuses to Negotiate Over Debt Limit, Treasury Secretary Warns of Potential Consequences
The U.S. government is set to hit the debt limit on Thursday, and the White House has made it clear that it will not negotiate over it. Republican lawmakers have proposed using the debt limit as a bargaining chip, but the Democratic-led Senate and President Joe Biden are unlikely to accept their conditions. If the two sides fail to reach an agreement, the consequences could be severe. The Treasury Department has estimated that it will run out of money by the end of July if the debt limit is not raised.
Key takeaways: Treasury Secretary Janet Yellen announced that the U.S. is projected to reach its borrowing limit of $31.4 trillion on January 19th. The Treasury…
The U.S. Treasury Department is expected to hit the debt ceiling next Thursday, prompting Secretary Janet Yellen to warn of "certain extraordinary measures" to avoid a catastrophic default. In response, House Speaker Kevin McCarthy said Republicans will protect Medicare and Social Security, while looking to balance the federal budget. Congress must now find a solution to the issue, as the Treasury Department's measures can only buy a limited amount of time.
Treasury Secretary Janet Yellen has warned Congress that the US will reach its debt limit on January 19th, and urged them to raise the limit to avoid a potential default. This sets up a major battle on Capitol Hill, as the government must take “extraordinary measures” to avoid a default. Yellen has warned of serious economic consequences if the debt limit is not raised in time.
House Oversight and Accountability Chairman James Comer, R-Ky., has written a letter to Treasury Secretary Janet Yellen to investigate President Joe Biden’s involvement in his…